For an education trust
This query is : Resolved
20 December 2018
An education trust gets a loan and constructs a building and buys furniture & fittings and later claims the cost of the loan(Principle+int) as capital expenditure ....Is the Capital Expenditure Allowable as per IT Act?
20 December 2018
Yes it's allowed. Repayment of loan will be considered as application of funds.
No exemption U/s. 11 on acquisition of assets from borrowed fundsIn M/s. Peoples Education Society Vs. DCIT(E), the ITAT, Bengaluru held that the assessee- society is not entitled to exemption in respect of investment in fixed asset using loan amount under section 11 of the Income Tax Act.
No exemption U/s. 11 on acquisition of assets from borrowed fundsIn M/s. Peoples Education Society Vs. DCIT(E), the ITAT, Bengaluru held that the assessee- society is not entitled to exemption in respect of investment in fixed asset using loan amount under section 11 of the Income Tax Act.
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